Private cloud is an infrastructure operated solely for a single organization, whether managed internally or by a third party, and hosted internally or externally.
This video provides a comparison of in-house and hosted private cloud by explaining what is involved in terms of cost, time and resources  when an organisation provides third party virtualisation software within their own infrastructure or throough a cloud infrastructure expert. It recommends taking up a hosting solution whereby an an organisation like Gogrid can managed the private cloud for the organisation.

https://www.youtube.com/watch?v=bgyxG4k6a5Q